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Uzbekistan and China businesses discuss cooperation

A delegation from the Republic of China Committee for the development of international trade in the Shaanhi region discussed the prospects for direct business contacts between entrepreneurs of Uzbekistan and China at the Chamber of Commerce of the Republic, the Chamber said on Thursday.

The delegation included representatives from seven Chinese companies engaged in the manufacture of equipment for the construction of highways, coal and chemical industry, energy and heavy industry.

The working visit with the Chinese business delegation has been organised to improve the development of Uzbek-Chinese trade and economic and investment cooperation.

Participants discussed the possibility of participation of Chinese companies in the on-going privatisation process in Uzbekistan, as well as in the implementation of high-tech joint projects in the free industrial economic Navoi zone and in a special industrial area at Angren.

Uzbek businessmen familiarised themselves with the economy of the Chinese province of Shaanhi, with firms and companies operating in the area and with opportunities for tourism development.

According to some international experts, Uzbekistan is among the top five countries that attracted the largest amount of direct investment from China (305 million euros), after Russia, Kazakhstan, Turkmenistan and Turkey.

As previously reported, a number of documents on trade, economic and investment cooperation totalling more than $5 billion were signed during the official visit of President Islam Karimov to China in June this year.

China is one of Uzbekistan's largest trading partners. In 2011, the volume of trade amounted to $2.596 billion including Uzbek export at $1.302 billion, imports from China were $1.295 billion. From January to June this year, bilateral trade amounted to $1.609 billion, increasing by 54.5 per cent compared to the same period last year.

There are 382 joint ventures with Chinese investment in Uzbekistan, including 58 with 100 per cent of Chinese capital and 65 representations of Chinese companies are accredited.